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I am not a hiring manager so I will leave this as a comment, but as far as I am aware a master's degree is not much of a benefit for a software developer unless it is in a highly specialized, perhaps research oriented position. On top of that, an online master's degree will probably not be thought of too highly.
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Ed S.Apr 9 '11 at 20:03

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@Ed - You know, some people get a Master's 'cause they like to learn :)
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JettiApr 9 '11 at 20:59

@Jetti: Sure, of course. I guess I just always jump to self teaching when I just want to learn something new.
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Ed S.Apr 9 '11 at 23:24

@Ed: I was of a similar opinion, but my Master's made me work on programs which I wouldn't have otherwise. Not many industry jobs can lead you to delve in compilers, operating systems and networks simultaneously. Grate way to find and explore your interests (and meet other hackers)
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Amit WadhwaApr 10 '11 at 0:07

5 Answers
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Depaul University in Chicago offers completely online degrees and they are pretty much the same as the in class degree because you actually watch the lecture real time on a video feed. The software you use for watching the lectures allows you to raise your hand and ask questions as well as collaborate with classmates. The various degrees can be taken both online and on campus and you can mix and match or do one or the other if you please.

What's your goal with the Master's degree. Some goals I can think of are:
1. To learn
2. To get a degree (to show to employers)
3. Network with other hackers

Most of the current popular online program would offer only 2) and the value of the programs is dubious at best. I would suggest to go for a reputed B&M university if you aim to accomplish the above three.

In case you can't and your goal is 1) I would go scrouge details of MS programs of some universities and try to find online lectures for those courses. MIT, Stanford and UCB are leading the way and making video lectures available for lot of classes. Also, remember doing the assignments are more important than actually watching the lectures

Well, I would stay away from Online (only) Schools as many have a reputation of diploma mills. That being said, there are many reputable brick-and-mortar schools (aka traditional schools) that are offering online degrees. Now some of those schools make a distinction on the diploma that you went to school online but it seems that there are many who don't make such distinction. I'm not sure where you're from, but doing online programs also gives you a chance to study from a foreign university without leaving home (while choosing my program I did look at some UK Universities).

EDIT: If you do look at established Brick & Mortar schools that have online programs, make sure to look to see if they require you to be on campus at all. I remember when looking, there were a few that required a visit (or had a required class that was on-campus only).

Thanks for sharing your opinion. I agree that true physical attendance at a university is critical. But that's not what this question asks.
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ybakosApr 10 '11 at 22:45

@ybakos - I know you were wanting online classes. Maybe, my point was missed. There are established "traditional" schools that offer online programs so that you have a Masters from a school that may have a better reputation than the online only schools.
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JettiApr 11 '11 at 1:42

I think there are a number of universities with good online programs. However, I think you need to go the extra mile to learn on your own. It is important to get a degree to show employers and get yourself in the door, but you also need to be motivated and learn on your own. You need to become skilled all around because once you get in those doors you will need to show the employers what you are capable of.